SoftBank Ventures Asia is changing its name to SBVA while livestreaming platform 17Live said its CEO has stepped down from his post.
SoftBank Ventures Asia rebrands as SBVA
SoftBank Ventures Asia, the former wholly-owned subsidiary of SoftBank Group, is officially changing its name to SBVA from February 1, according to an announcement.
The rebranding comes about seven months after the South Korea-headquartered venture capital firm was acquired by The Edgeof, a Singapore-based startup ecosystem builder and venture investor.
The move also follows SBVA’s recent close of its 2023 Alpha Korea Fund, which raised about $150 million from Korea Development Bank, SoftBank Group Corp, Hanwha Life, Industrial Bank of Korea, Nexon, KB Capital, and others.
SoftBank Ventures Asia has focused on investments in AI, IoT, and smart robotics with global investment professionals in Seoul, Beijing, Singapore, and San Francisco.
Launched in 2023, The Edgeof aims to discover, support and invest in startups in sectors such as energy, water, agriculture, food, sustainability, AI/robot-driven changes in societies, healthcare, learning, and all things essential for the next generations.
Livestreaming platform 17Live’s CEO steps down
17Live, the Taiwan-founded Livestreaming platform that operates in Japan, Taiwan, Hong Kong, and several countries in Southeast Asia, announced that its CEO and executive director has stepped down from the role due to personal family reasons.
The firm has reappointed co-founder and chairman Phua Jiexian Joseph as CEO and executive chairman of the group.
Lien will remain with the company and be re-designated to senior adviser.
17Live said it will continue to move ahead with its growth strategy under Phua’s leadership. Phua has been the non-executive chairman of the board of directors for 17Live since July 2020.
Founded in 2015, 17Live connects users with creators who generate music, games, fashion and other content through personalized searches and recommendations.
It merged with blank cheque firm Vertex Technology Acquisition Corporation in December 2023.